{"id":97046,"date":"2024-10-29T13:12:20","date_gmt":"2024-10-29T17:12:20","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/private-credit-loses-ground-in-fight-for-family-office-money\/"},"modified":"2025-02-27T08:41:33","modified_gmt":"2025-02-27T13:41:33","slug":"private-credit-loses-ground-in-fight-for-family-office-money","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/private-credit-loses-ground-in-fight-for-family-office-money\/","title":{"rendered":"Private credit loses ground in fight for family office money"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c6c0536cff'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Private credit loses ground in fight for family office money<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"4000\" height=\"2667\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/317298320-3.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"US currency\" title=\"Stacks of U.S. $100 bills\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/317298320-3.jpg 4000w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/317298320-3.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/317298320-3.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/317298320-3.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/317298320-3.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/317298320-3.jpg 2048w\" sizes=\"auto, (max-width: 4000px) 100vw, 4000px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c6c05420e2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">October 29, 2024<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg News<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a0c6c05450ad'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400;\">This article was written by Kat Hidalgo. It appeared first on the Bloomberg Terminal.<\/span><\/i><\/p>\n<p>It\u2019s the hottest trade on Wall Street. Everywhere you turn, money managers have upped their investments in\u00a0private credit, helping the asset class balloon into a $1.7 trillion industry. But there\u2019s one group where interest appears to already be waning \u2014 the\u00a0family office.<\/p>\n<p>Managers of the fortunes of the world\u2019s ultra-wealthy are searching out private credit funds at a slower pace this year than last, according to the latest data from\u00a0Preqin, an analytics company that tracks the alternative investment industry.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a0c6c0546ddf'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_4418599113445022473\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c6c054c308'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>It bodes ill for direct lenders that are relying on the\u00a0trillions of dollars\u00a0that family offices oversee to propel the industry\u2019s next growth phase. Amid a\u00a0difficult fundraising\u00a0environment this year, private credit funds have ramped up efforts to\u00a0lure\u00a0the world\u2019s richest individuals. Still, overall family office allocations to private debt remain at roughly 2%, according to a recent report from\u00a0UBS Group AG.<\/p>\n<p>\u201cWe don\u2019t need to invest through the sort of generic private credit fund managers,\u201d said Grace Cheung, Chief Investment Officer and Founder of TGIM Assets Capital, a private markets investment group with capital allocations from family offices. \u201cWe have the resources, expertise and the network to do a lot of private credit-type transactions ourselves,\u201d she said, adding that they sometimes co-invest alongside established private credit firms.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"434\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/private-credit-3.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Family office interest in private debt\" title=\"private-credit-3\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/private-credit-3.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/private-credit-3.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/private-credit-3.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/private-credit-3.jpg 814w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The Preqin report is based on fund searches that reflect active investment intentions of investors over the next 12 months, according to the company.<\/p>\n<p>North American private credit fund searches have comprised 11% of the total this year, down from 18% last year and below the 39% of private equity and venture capital, and 45% of real estate. Hedge funds and infrastructure have made up the rest.<\/p>\n<p>In Europe, private credit fund searches were down to 8% from 10% a year ago. According to a report by research and consulting firm Novantigo, 75% of asset managers find fundraising has become increasingly challenging, especially for closed-end European Long-term Investment Funds. ELTIFs, as they\u2019re known, are a type of investment vehicle created in the EU directed, in part, at private investors. It\u2019s a key way firms have been\u00a0raising money\u00a0from rich individuals for private credit strategies.<\/p>\n<p>Among the top concerns among wealthy investors when weighing how much to invest in private credit is the potential for\u00a0lower returns\u00a0as the Federal Reserve and European Central Bank begin to\u00a0cut interest rates, according to Preqin\u2019s Rachel Dabora, lead analyst on the report.<\/p>\n<p>Higher borrowing costs helped push returns into the double-digits last year for direct lending funds,\u00a0data from Cliffwater\u00a0LLC show. But given the floating-rate nature of the loans they provide, investors are concerned that rapid cuts to interest rates could weigh on future gains.<\/p>\n<p>On the flip side, North American family office interest in real estate has surged as stress in the asset class fuels deep discounts, while in Europe three-quarters of searches have been for private equity this year, continuing the asset class\u2019s dominance.<\/p>\n<p>For\u00a0Alex Chaloff, Chief Investment Officer for Bernstein Private Wealth Management, private equity may simply be a more natural fit for family offices given their risk tolerance and often long-term investing horizons.<\/p>\n<p>This year\u2019s global family office report from UBS showed that 39% of those surveyed wanted to increase their investments in private equity direct investments, compared with just 29% that wanted to boost allocations to private debt.<\/p>\n<p>\u201cIf a private credit fund earns a 20% return, I think they may have taken too much risk,\u201d Chaloff wrote in emailed comments. \u201cWhen a private equity fund earns 20%, I look at how that fund compares to other peers. There\u2019s no cause for alarm.\u201d<\/p>\n<p>The hunt for higher potential payouts is even more acute in regions with elevated benchmark rates like Russia and Latin America.<\/p>\n<p>\u201cHistorically, Latin American investors have been hesitant to invest in credit due to high domestic interest rates, often opting for higher-octane strategies like private equity,\u201d said Philippe Stiernon, CEO of ROAM Capital, a Latin American alternative asset placement agent that works with high-net-worth individuals, family offices and institutional investors.<\/p>\n<p>Nonetheless, a chunk of family offices appear keen to ramp up their private credit exposure. Citigroup Inc.\u2019s global family office survey for last year showed that respondents bullish on private credit outweighed those that were bearish by more than 30 percentage points in Europe, the Middle and Africa as well as in North America.<\/p>\n<p>A number of private credit vehicles directed at rich individuals have had successful fund raises in recent months, too.<\/p>\n<p>For TGIM\u2019s Cheung, however, avoiding private credit funds affords more flexibility in terms of both risk management and optimizing perspective returns.<br \/>\n\u201cWe\u2019d rather be robust and focused on those direct and scaled private debt investments where we can have good control of the risk and return profiles as well as the flexibility to invest further across the respective capital stacks,\u201d Cheung said.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0c6c055094a]::before 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